Why Globalization Matters

The term “globalization” evokes multiple definitions and opinions. For our purposes, over the coming weeks as we discuss globalization, we will use the definition that the International Monetary Fund uses for “economic globalization.”

“Economic ‘globalization‘ is a historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. There are also broader cultural, political, and environmental dimensions of globalization.”

Globalization suggests that information, knowledge and opportunity are decentralized and shared, such that people who once did not have access to each other now do. Thomas Friedman states it this way.

“[T]he inexorable integration of markets, nation-states, and technologies to a degree never witnessed before-in a way that is enabling individuals, corporations and nation-states to reach around the world farther, faster, deeper and cheaper than ever before . . . . the spread of free-market capitalism to virtually every country in the world ” (Friedman, The Lexus and the Olive Tree, 1999, p. 7-8).

As the marketplace expands, resources and opportunities grow as well. This results in more labor competitiveness and production efficiency. It also increases potential markets for customers and economic gains. Ideally, as globalization accelerates there will be increased opportunities for collaboration between nations, multinational corporations and communities. As new products and services, as well as additional capital are integrated into the social fabric of communities, those communities benefit from the development of better educational and healthcare systems, among other things.

So why the focus on globalization in the BRI blog?

When we first started BioResource International, Inc. in 1999, we intentionally included “international” in the name, with just a vague notion that there would be some sort of international aspect to our business. Fast forward 13 years later and we see “fingerprints” of globalization all over BRI – we have venture investors from Asia, Taiwanese suppliers and a logistics office there. And through our partnership with Novus International, we are starting to see sales growth of Versazyme and Valkerase all over the world. We joke that wherever they grow chickens, that is where BRI wants to be. And since poultry production is a global business, our business has taken us all over the world, from Lima, Peru to Beijing, China and many places in between. So in the next few weeks, we hope to shed some light on this multi-faceted topic and offer some of our personal insights on how globalization has impacted us and how it might impact you as well, if it hasn’t already. As always, we welcome your comments and suggestions throughout this series.

 

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